Jack Dorsey, former CEO of X (formerly Twitter), predicted when Bitcoin would reach $1 million. The technology entrepreneur is a well-known figure in the cryptocurrency space and is known for investing heavily in the leading cryptocurrencies.
When Bitcoin reaches $1 million
In an interview with Pirate Wires, Dorsey said BTC could reach $1 million by 2030 and beyond. In addition to predicting Bitcoin’s future trajectory, Dorsey also took time to evaluate the Bitcoin ecosystem. He said that besides its history, “the most amazing thing about Bitcoin” is how the people who work with it, earn money with it, and invest in it help build an ecosystem that He said it would cause an increase in prices.
Dorsey also claimed that Bitcoin is a “fascinating ecosystem and movement” and that he has learned a lot from it. Based on his claims, there is no doubt that this technology entrepreneur is one of the people contributing to the growth of the Bitcoin ecosystem. Dorsey and digital payments company Block already own over 8,000 BTC.
His company also recently announced plans to begin investing 10% of its monthly Bitcoin-related gross profits into additional BTC purchases. This investment plan could lead to the company investing up to $24 million in his BTC after one year. It’s also worth mentioning that Dorsey is actively working on building the Bitcoin ecosystem.
It was previously reported that the former CEO of Twitter is planning to build a decentralized exchange (DEX) for Bitcoin. Most recently, Dorsey’s Block announced that his BTC mining system, which he has been working on since April 2023, has been completed.
BTC may reach $1 million this year
Samson Mo, CEO of Jan3 and Bitcoiner, shares the opposite opinion of Dorsey. He previously predicted that Bitcoin could reach $1 million by the end of this year. Moe alluded to the growing demand for Bitcoin as a reason for his belief. The cryptocurrency founder suggested that even if this prediction does not happen this year, it is likely to be achieved next year.
Crypto analyst Plan B also believes that it is more likely that Bitcoin will reach this price level next year. He said that based on Bitcoin’s stock-to-flow (STF) indicator, $1 million could be the market high for BTC in this bull market, and that the average price of BTC during this market cycle is He suggested it was $500,000.
Other crypto analysts have made more conservative price predictions for this bull run. Ki Young Ju, his CEO at CryptoQuant, recently predicted that BTC could reach $265,000. Meanwhile, Skybridge Capital founder Anthony Scaramucci predicted that BTC could peak at $170,000 this market cycle.
At the time of writing, Bitcoin was trading around $60,800, down more than 3% in the past 24 hours, according to data from CoinMarketCap.
